Record Keeping: What Tax Docs Should Individuals & Small Businesses Keep?
Not only is detailed and organized record keeping essential to the preparation of your income tax returns, but keeping all of the tax and financial documents that were used to complete your tax returns is crucial should you ever become subject to an IRS audit. Large companies are not the
Taking the Home Office Deduction:  Tips for Taxpayers
Effective January 2018, as a result of the Tax Cuts and Jobs Act, taxpayers who previously took the home office deduction as employees will no longer be able to deduct the same type of Schedule A miscellaneous expenses on their tax returns. This change does not affect those who are
Fraud Schemes & “IRS” Impersonators:  What Taxpayers Should Know
As technology evolves at a rapid rate, scammers and identity thieves are finding increasingly innovative (and, sometimes virtually undetectable) methods of fraudulently obtaining people’s personal and financial information—putting taxpayers at risk of identity theft and other criminal schemes perhaps now more than ever before. Specifically, scammers have been posing as
Life Events & Tax Planning – Part VIII:  Selling Your Home
Selling your home? One of the benefits of our current tax system is the ability of some home sales to result in a tax-free profit for the seller. Typically, taxes are handled entirely at the time of closing between buyer and seller, and more often than not your home sale
Supreme Court Overrules Prior Decisions Requiring Physical Presence to Subject Out-of-State Sellers to Sales Tax
On June 21, 2018, in South Dakota v. Wayfair, Inc., ET Al (No. 17-494), the Supreme Court of the United States held that physical presence is no longer required to subject out-of-state sellers to a state’s sales tax laws. The Court’s decision in Wayfair overruled prior Supreme Court decisions in
Accounting for Small Businesses:  Why Outsource?
No matter the size of your business—or what stage it’s in—there are a number of ways in which an accountant can add value. To begin with, it’s important to understand that “accounting” in itself is a broad term covering an array of specific areas and respective considerations as they relate
Business Deductions Under the New Tax Law:  Meals, Travel & Entertainment
The recently-passed Tax Cuts and Job Act, which has effectively replaced The 1986 Tax Act, presents significant changes in our tax legislation and thus our application of tax rules. A key change affects business entities and how a business should treat expenses for meals, travel & entertainment for tax purposes
Understanding the New Deduction for Qualified Business Income
The 2017 Tax Cuts and Jobs Act created a new federal tax deduction for individual taxpayers of up to 20% of “qualified business income” realized by a partnership, S corporation or a sole proprietorship. While a number of limitations apply, this deduction has the potential to reduce the effective tax
Executive Compensation & Tax Consequences
If you’re an executive, you may receive some or a majority of compensation in the form of equity, typically company stock or some derivative form of company stock such as restricted stock, restricted stock units (RSU’s) or stock options. The tax consequences of these types of compensation can be complex
Alliott Spotlight:  Expat Post Issue 3
LATEST EDITION OF ALLIOTT GROUP’S EXPAT POST AVAILABLE FOR DOWNLOAD FF&F is excited to join Alliott Group in sharing the release of Issue 3 of its publication, The Expat Post. This special edition was released in conjunction with Alliott Group’s 2018 Global Mobility Conference in Amsterdam. In our dynamic landscape of international tax, there